IVTInvenTrust Properties Corp.
Real Estate Investment Trusts
- Revenue
- $299M
- 9.2% YoY
- Operating margin
- 20.1%
- 265% YoY
- EBITDA
- $189M
- 134% YoY
- Market cap
- $2.4B
- Employees
- 103
- $3M revenue each
- Net debt / EBITDA
- 0.9×
- $176M net debt
- AI in 10-K
- 2.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo139% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo47% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$3M · 75th pctBottom quartile of its SIC industry
- Quiet on AINo2.7 per 10K words · 66th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $212M | $237M | $259M | $274M | $299M | 9.2% |
| Operating income | −$8M | $17M | −$31M | −$33M | $60M | 280% |
| Net income | −$5M | $52M | $5M | $14M | $111M | 716% |
| Operating cash flow | $90M | $126M | $130M | $137M | $155M | 14% |
| Stock-based comp | $9M | $7M | $9M | $10M | $11M | 10% |
| Buybacks | $116M | $0 | $0 | — | — | |
| Dividends | $56M | $55M | $57M | $63M | $73M | 16% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Dec 28, 2018 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Nov 28, 2018 | SC TO-T | Comrit Investments 1, LP | — | — |
| Jan 2, 2018 | SC TO-T/A | Liquidity Partners Trust I | — | — |
| Dec 1, 2017 | SC TO-T/A | Liquidity Partners Trust I | — | — |
| Oct 30, 2017 | SC TO-T | Liquidity Partners Trust I | — | — |
| Sep 29, 2016 | SC TO-T/A | MACKENZIE CAPITAL MANAGEMENT, LP | — | — |
| Aug 22, 2016 | SC TO-T | MACKENZIE CAPITAL MANAGEMENT, LP | — | — |
| Jan 6, 2016 | SC TO-T/A | MacKenzie Realty Capital, Inc. | — | — |
| Nov 23, 2015 | SC TO-T | MacKenzie Realty Capital, Inc. | — | — |
| May 14, 2015 | SC TO-T/A | MacKenzie Realty Capital, Inc. | — | — |
| Mar 25, 2015 | SC TO-T | MacKenzie Realty Capital, Inc. | — | — |
| Dec 22, 2014 | SC TO-T/A | MacKenzie Realty Capital, Inc. | — | — |
| Nov 7, 2014 | SC TO-T | MacKenzie Realty Capital, Inc. | — | — |
| Mar 7, 2014 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| Jan 31, 2014 | SC TO-T | CMG PARTNERS LLC | — | — |
| Jul 16, 2013 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| Jun 3, 2013 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| May 22, 2013 | SC TO-T | CMG PARTNERS LLC | — | — |
| May 21, 2013 | SC TO-T/A | REIT Exchange Fund, Inc. | — | — |
| Apr 24, 2013 | SC TO-T/A | REIT Exchange Fund, Inc. | — | — |
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.